Despite cold weather, ice and snow, buyers and sellers got together in March to produce year-over-year increases in total sold dollar volume, median sold price and units sold, further contributing to the decline in days on market.
The total sold dollar volume increased over 7 percent to nearly $150 million fueled by a median price of $299,500, a nearly 7 percent increase over March of 2017, according to an analysis of the area housing market prepared by the Fredericksburg Area Association of Realtors based on an analysis of MLS multiple listing data. Units sold remained fairly static at 474 compared to 466 last March, a 1.72 percent year-over-year increase.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract, fell nearly 12 percent, with houses averaging 68 days on the market in March 2018, compared to 77 days in March 2017. Days on market varies widely across the region with a high of 109 days in King George County to a low of 56 in Stafford County in March.
Active listings posted a more than 10 percent drop from March 2017, with 1,310 active listings for March 2018 compared to 1,466 last year. New listings also saw a small year-over-year decrease with 966 new properties coming available in March 2018 compared to 1,007 in 2017, representing a 4 percent decrease.
The market is currently running at a 2.6-month supply. Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales.
A five-month supply of homes is considered a healthy market, offering opportunities for a range of prospective buyers. The market is currently seeing the lowest months of supply levels in over 10 years. The supply peaked with a 12-month supply of homes in June 2008.